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Foreign Exchange Management (Current Account Transaction) (Amendment)
Rules, 2003
FEMA
Notification No. 1 dated 15th January 2003
In
exercise of the powers conferred by Section 5 and Sub-section (1) and clause (a)
of Sub-section (2) of Section 46 of the Foreign Exchange Management Act, 1999
(Act 42 of 1999), and in consultation with Reserve Bank, the Central Government
having considered it necessary in the public interest, makes the following
amendments in the Foreign Exchange Management (Current Account Transactions)
Rules, 2000, namely; -
1.
Short title and commencement:
(i)
These rules may be called the Foreign Exchange Management (Current
Account Transaction) (Amendment) Rules, 2003.
(ii)
They shall come into force from the date of their publication in the
Official Gazette.
2.
In the Foreign Exchange Management (Current Account Transaction) Rules,
2000, after rule 6, the following rule shall be inserted, namely:
�7.
Use of International Credit Card while outside India- Nothing contained in
rule 5 shall apply to the use of International Credit Card for making payment by
a person towards meeting expenses while such person is on a visit outside
India.�
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